MIRA INFORM REPORT

 

 

Report Date :

17.04.2013

 

IDENTIFICATION DETAILS

 

Name :

LILA POLYMERS PRIVATE LIMITED

 

 

Registered Office :

123, Mittal Tower, C Wing, 12th Floor, Nariman Point, Mumbai – 400021, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

24.12.2002

 

 

Com. Reg. No.:

11-138388

 

 

Capital Investment / Paid-up Capital :

Rs. 2.020 Millions

 

 

CIN No.:

[Company Identification No.]

U24134MH2002PTC138388

 

 

IEC No.:

0303018011

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUML04277A

 

 

PAN No.:

[Permanent Account No.]

AAACL8784H

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader, Exporter and Importer of Polymers and Petrochemical Products.

 

 

No. of Employees :

25 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (31)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 192000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record.

 

The latest financials of the company are not made available.

 

As per previous year’s record, the profitability appeared to be low.

 

However, trade relations are reported as fair. Business is active. Payment terms are unknown.

 

The company can be considered for business dealings with some caution. 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

INFORMATION PARTED BY

 

Name :

Ms. Shrisha

Designation :

Accounts Department

Contact No.:

91-22-40831111

Date :

16.04.2013

 

 

LOCATIONS

 

Registered/ Corporate Office :

123, Mittal Tower, C Wing, 12th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-40831111/ 1112 (100 Lines) / 28514616 / 66306541

Mobile No.:

91-9987037405 (Mr. Mathew George)

Fax No.:

91-22-40831122

E-Mail :

mathew@lilapolymers.com

jrt@lilapolymers.com

Website :

http://www.lilapolymers.com

Area:

975 sq. ft.

Location:

Owned

 

 

Branch Offices :

Ø       189/V, Shed No. 5, Bahutha Savli, Vadodara – 391770, Gujarat, India

 

Ø       890, Road No. 14-P, Behind Bharat Gas, Vishwakarma, Jaipur, Rajasthan, India

 

 

Warehouse :

205, M.K. Patel Estate, Godown No. 4, N.H. No. 8, Near L & T Company, Ranoli, Vadodara – 391350, Gujarat, India 

 

 

Marketing Office :

10, Vivek Industrial Estate, Uswalla Lane, Walbhat Road, Goregaon [East],
Mumbai - 400063, Maharashtra, India

Tel. No.:

91-22-26855342

Fax No.:

91-22-26855879

 

 

Associate Offices:

Located at:

 

Ø       Singapore

Ø       Indonesia

Ø       Bangladesh

Ø       Korea

 

 

DIRECTORS

 

AS ON 29.09.2012

 

Name :

Mr. Jagdish Ranjit Tanna

Designation :

Director

Address :

Flat No. 11, Neel Sagar, Agkhan Road, Worli Sea Face, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

11.04.1969

Date of Appointment :

24.12.2002

DIN No.:

00494471

 

 

Name :

Mr. Deveshkumar Kanubhai Magia

Designation :

Additional director

Date of Birth/Age :

29.04.1965

Date of Appointment :

25.09.2012

DIN No.:

01686565

 

 

KEY EXECUTIVES

 

Name :

Ms. Shrisha

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2012

 

Names of Shareholders

No. of Shares

Jagdish Ranjit Tanna

117000

Reshma Jagdish Tanna

63000

Archanaa Vinay Birla

9000

Quest Profin Advisor Private Limited, India 

4000

ANS Global Limited, Bangladesh 

9000

 

 

Total

202000

 

 

AS ON 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

93.56

Others

 

6.44

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader, Exporter and Importer of Polymers and Petrochemical Products.

 

 

Products :

Polymers

 

·        Polyethylene

Low Density Polyethylene (LDPE)

Linear Low Density Polyethylene (LLDPE)

High Density Polyethylene (HDPE)

Raffia Grade1

HMHDPE

 

·        Polypropylene

Polypropylene (PP)

 

·        Polyethylene Terephthalate (PET)

Bottle Grade

Fiber Grade

 

·        Polyvinyl Chloride

Polyvinyl Chloride (PVC)

 

·        Styrenes

General Purpose Polystyrene (GPPS)

High Impact Polystyrene (HIPS)

Acrylonitrile Butadiene Styrene (ABS)

 

Other Products

Carbon Black

HDPE PIPES

 

Chemicals

 

·         Alcohols

 

Methanol

 

·        Anhydrides

Phthalic Anhydride

 

·        Chloralkali Chemicals

Caustic Soda

 

·        Fibre Intermediates

Caprolactam (CPL)

Triethylene Glycol (TEG)

Monoethylene Glycol (MEG)

Diethylene Glycol (DEG)

 

·        Others

Phosphoric acid (Food Grade and Technical Grade)

Paraffin Wax (Fully refined and Semi refined)

Hydrogen Peroxide

Titanium Dioxide (Anatase and Rutile)

 

·        General Commodities

Finished Products

PP Ropes

Baler Twines

 

·        Metal Products

Iron and Steel

High Melting Scrap 1 (HMS 1)

High Melting Scrap 2 (HMS 2)

      Steel billets

 

 

Exports :

 

Products :

Polymers and Petrochemical Products

Countries :

Ø       Europe Countries

 

 

Imports :

 

Products :

Polymers and Petrochemical Products

Countries :

Ø       Far East Countries

Ø       Korea

Ø       Singapore

Ø       Hong Kong

Ø       America

Ø       Dubai 

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Customers :

End Users and Others

 

 

No. of Employees :

25 (Approximately)

 

 

Bankers :

Ø       Canara Bank, Mandvi Branch, Sujeer House, 74, 76, Kazi Sayed Street, Mumbai - 400003, Maharashtra, India

Ø       Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Ø       HDFC Bank Limited

Ø       IDBI Bank Limited

Ø       ICICI Bank Limited

Ø       The Saraswat Co-operative Bank Limited, Fort Forex Branch, Fort, Mumbai - 400001, Maharashtra, India

 

 

Facilities :

 

Secured Loans

31.03.2011

31.03.2010

 

 

(Rs. In Millions)

Kotak Mahindra Prime Limited

 

1.480

Bill Discounting – Canara Bank

23.420

0.000

Total

23.420

1.480

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Jatin G. Solanki

Chartered Accountant

Address :

2/59, Gokul, R.B. Mehta Marg, Ghatkopar (East), Mumbai- 400077, Maharashtra, India

Tel. No.:

91-22-21027981

Income-tax PAN of auditor or auditor's firm :

AABPS5281J

 

 

Sister Concern :

Ø       Lila Polymers (Proprietorship Firm)

Address : 123, Mittal Tower, 12th Floor, C Wing, Nariman Point, Mumbai – 400021, Maharashtra, India

Line of Business: Trader and Importer of Polymers.

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500,000

Equity Shares

Rs. 10/- each

Rs. 5.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

202,000

Equity Shares

Rs. 10/- each

Rs. 2.020 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

2.020

2.020

1.890

2] Share Application Money

0.000

0.000

9.500

3] Reserves & Surplus

45.878

39.274

19.411

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

47.898

41.294

30.801

LOAN FUNDS

 

 

 

1] Secured Loans

23.420

1.480

5.483

2] Unsecured Loans

19.532

22.888

9.973

TOTAL BORROWING

42.952

24.368

15.456

DEFERRED TAX LIABILITIES

0.000

0.009

0.000

 

 

 

 

TOTAL

90.850

65.671

46.257

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

3.791

5.224

1.296

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

1.226

0.000

0.000

DEFERREX TAX ASSETS

0.043

0.000

0.035

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
29.030
23.781
20.107

 

Sundry Debtors
24.401
16.958
19.102

 

Cash & Bank Balances
11.504
18.659
16.764

 

Other Current Assets
0.000
0.000
0.000

 

Loans & Advances
50.379
12.313
27.876

Total Current Assets
115.314

71.711

83.849

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
29.524
11.268
38.930

 

Other Current Liabilities
 
 
 

 

Provisions
0.000
0.000
0.000

Total Current Liabilities
29.524

11.268

38.930

Net Current Assets
85.790
 60.443
44.919

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.004

0.007

 

 

 

 

TOTAL

90.850

65.671

46.257

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

955.931

687.648

528.524

 

 

Other Income

NA

NA

3.098

 

 

TOTAL                                    

NA

NA

531.622

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

984.301

706.227

512.893

 

 

Indirect Expenses

 

 

12.136

 

 

TOTAL                                    

984.301

706.227

525.029

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

NA

NA

6.593

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

NA

NA

0.438

 

 

 

 

 

 

PROFIT BEFORE TAX

9.644

10.126

6.155

 

 

 

 

 

Less

TAX                                                                 

3.040

3.233

2.034

 

 

 

 

 

 

PROFIT AFTER TAX

6.604

6.893

4.121

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

NA

NA

11.980

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

NA

NA

16.101

 

 

 

 

 

 

Earnings Per Share (Rs.)

32.69

34.12

21.80

 

 

Particulars

 

 

31.03.2013

31.03.2012

Sales Turnover (Approximately)

 

1100.000

1000.000

 

 

 

 

 

Expected Sales (2013-2014): Rs. 1200.000 Millions

 

The above information has been parted by Ms. Shrisha (Accounts Department)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
NA
NA
0.78

 

 
 
 
 

Net Profit Margin

(PBT/Sales)

(%)
1.01
1.47
1.16

 

 
 
 
 

Return on Total Assets

(PBT/Total Assets}

(%)
8.10
13.16
7.23

 

 
 
 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.20
0.25
0.20

 

 
 
 
 

Debt Equity Ratio

(Total Debt/Networth)

 
0.90
0.59
0.50

 

 
 
 
 

Current Ratio

(Current Asset/Current Liability)

 
3.91
6.36
2.15

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

SUNDRY CREDITORS DETAILS ARE NOT AVAILABLE

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

No

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

UNSECURED LOANS

 

Unsecured Loans

31.03.2011

31.03.2010

 

 

(Rs. In Millions)

Unsecured Loans

19.532

22.888

 

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

Corporate identity number of the company

U24134MH2002PTC138388

Name of the company

LILA POLYMERS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

123, Mittal Tower, C Wing, 12th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

Email: jrt@lilapolymers.com

This form is for

Creation of charge

Type of charge

Book debts

Movable property (not being pledge)

Floating charge

Particular of charge holder

Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Email: sme.form8@sc.com

Nature of description of the instrument creating or modifying the charge

Hypothecation Agreement

Date of instrument Creating the charge

12.05.2012

Amount secured by the charge

Rs. 100.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

As agreed by and with the Bank from time to time.

 

Terms of Repayment

As agreed by and with the Bank from time to time.

 

Margin

As applicable, if any.

 

Extent and Operation of the charge

The Bank is having is having pari passu charge with Canara Bank on the security given by the Company

Short particulars of the property charged

Hypothecation by way of pari passu charge on:

 

a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise

 

b) all the present and future book debts, outstanding moneys receivable, claims and bills.

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 54.33

UK Pound

1

Rs. 83.17

Euro

1

Rs. 71.05

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

31

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.